COMMODITY
Crude oil futures end sharply higher as OPEC+ keeps production largely steady
Mar-05-2021

Magnifying their previous session’s gains, Crude oil futures ended sharply higher on Thursday after the Organization of the Petroleum Exporting Countries and its oil-producing allies (OPEC+) would keep production largely steady through April. Saudi Arabia also said that it would extend its one million barrels per day voluntary production cut into April. Meanwhile, crude oil prices have soared to pre-virus levels in recent weeks, driven higher by substantial OPEC+ production cuts and the mass rollout of Covid-19 vaccines in many high-income countries.

Crude oil futures for April rose $2.55 or 4.2 percent to settle at $63.83 barrel on the New York Mercantile Exchange. May Brent crude surged $3.10 cents or 4.8 percent to settle at $67.17 a barrel on London's Intercontinental Exchange.

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